The raising is for working capital a) build a pilot plant to...

The raising is for working capital a) build a pilot plant to create binding off-take b) Understand the Halls Creek prospect more.

Funds raised go to institutions / family office that have been looking at the stock for several months.

HXG management want to get on the front foot and create marketing value with our quality product. Sitting and waiting 1.5yrs for MIN to build the plant isnt the option proactive management wish to take. The Halls Creek prospect sits next door to Pantoro PNR AU. No work has been done for approx 30yrs with this and not many $$ is required to understand the potential. Recent field work at Halls Creek indicates this is a very interesting prospect.

This money raised should see us through to commercial graphite production. Since the MIN deal announced i also feel 19c is a disappointing level, but that is the market and now with no overhang come issue, the stock should trade better.